Buhari Promises Rapid Diversification Of Economy

President PMBPresident Muhammadu Buhari has said that the diversification of the nation’s economy remains a top priority for his administration, especially in the face of dwindling revenue from oil.

Buhari, who spoke at the Presidential Villa while receiving the  new Ambassador of Saudi Arabia to Nigeria, Fahad Abdullah Sefyan, said the development of the oil sector was one template of economic recovery that his government was working on at present.



    “For more than 30 years, Nigeria has depended on oil as its major source of revenue at the expense of agriculture and the non-oil sector which could be the mainstay of our economy. As oil exporting countries facing similar challenges due to the down turn in the international price of crude oil, we should be working closer together,” he noted, referring to Nigeria’s partnership with Saudi Arabia.

    The President called for a more beneficial economic tie with Saudi Arabia, noting that such partnership would signal the dawn of a new era for both nations and their allies.

    He promised that his administration would ensure that all pending agreements on trade and economic relations with other countries were speedily concluded and signed.

    Buhari equally thanked Saudi Arabia, Turkey and Sudan for their cooperation with Nigeria in its ongoing war against terrorism.


    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation


    Please enter your comment!
    Please enter your name here

    Support the ICIR

    We need your support to produce excellent journalism at all times.

    - Advertisement


    - Advertisement